The company's financial stability is undermined by an accumulated deficit of $756.1 million as of 2026Q1, reflecting a history of capital-intensive operations that have yet to reach self-sustainability.
| Total Current Assets | 185.27M | 207.83M | 106.74M | 79.33M | 88.53M | 178.68M | 18.24M | 65.86M |
| Cash & Short-Term Investments | 115.52M | 124.45M | 52.46M | 52.51M | 72.16M | 165.59M | 5.1M | 31.71M |
| Cash Only | 39.38M | 42.45M | 13.06M | 32.81M | 34.18M | 165.59M | 5.1M | 31.71M |
| Short-Term Investments | 76.14M | 82.01M | 39.41M | 19.7M | 37.98M | 0 | 0 | 0 |
| Accounts Receivable | 24.61M | 37.65M | 42.55M | 22.28M | 8.82M | 4.31M | 6.7M | 4.33M |
| Days Sales Outstanding | 132.83 | 128.94 | 152.13 | 86.08 | 49.25 | 46.12 | 115.69 | 115.2 |
| Inventory | 6.18M | 6.18M | 6.04M | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 23.91 | 63.87 | 80.41 | - | - | - | - | - |
| Other Current Assets | 38.96M | 39.56M | 5.68M | 4.54M | 7.55M | 2.52M | 5.47M | 27.69M |
| Total Non-Current Assets | 186.48M | 179.45M | 147.41M | 144.74M | 145.56M | 127.09M | 101.68M | 97.5M |
| Property, Plant & Equipment | 98.84M | 82.45M | 130.24M | 124.72M | 126.12M | 110.65M | 83.52M | 10.97M |
| Fixed Asset Turnover | 0.94x | 1.29x | 0.78x | 0.76x | 0.52x | 0.31x | 0.25x | 1.25x |
| Goodwill | 10.28M | 10.28M | 10.26M | 9.39M | 9.39M | 9.39M | 9.39M | 9.39M |
| Intangible Assets | 3.87M | 4.42M | 5.45M | 1.36M | 1.92M | 2.48M | 3.83M | 5.18M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 5.29M | 4M | 3.28M | 4.23M |
| Other Non-Current Assets | 73.49M | 82.3M | 1.46M | 9.26M | 2.84M | 560K | 1.66M | 67.73M |
| Total Assets | 371.75M | 387.29M | 254.15M | 224.07M | 234.09M | 305.76M | 119.92M | 163.36M |
| Asset Turnover | 0.27x | 0.28x | 0.40x | 0.42x | 0.28x | 0.11x | 0.18x | 0.08x |
| Asset Growth % | 176.62% | 52.39% | 13.42% | -4.28% | -23.44% | 154.98% | -26.6% | - |
| Total Current Liabilities | 53.58M | 60.5M | 26.02M | 27.49M | 26.93M | 30.54M | 55.44M | 100.3M |
| Accounts Payable | 0 | 0 | 8.24M | 2.32M | 2.42M | 1.72M | 4.18M | 3.01M |
| Days Payables Outstanding | 46.84 | - | 109.63 | 25.05 | 24.66 | 18.1 | 63.88 | 95.59 |
| Short-Term Debt | 9.26M | 7.94M | 1.93M | 0 | 0 | 49K | 16.74M | 41.2M |
| Deferred Revenue (Current) | 48.23M | 9.95M | 2.18M | 3.67M | 6.78M | 11.27M | 14.54M | 0 |
| Other Current Liabilities | 44.33M | 42.62M | 182K | 244K | 256K | 2.72M | 7.39M | 50.63M |
| Current Ratio | 3.46x | 3.44x | 4.10x | 2.89x | 3.29x | 5.85x | 0.33x | 0.66x |
| Quick Ratio | 3.34x | 3.33x | 3.87x | 2.89x | 3.29x | 5.85x | 0.33x | 0.66x |
| Cash Conversion Cycle | 109.91 | - | 122.92 | - | - | - | - | - |
| Total Non-Current Liabilities | 237.36M | 231.91M | 134.13M | 103.42M | 85.29M | 95.61M | 97.28M | 81.36M |
| Long-Term Debt | 7.5M | 7.58M | 105.74M | 83.5M | 76.22M | 71.41M | 84.87M | 78.81M |
| Capital Lease Obligations | 15.44M | 0 | 8.05M | 3.04M | 3.13M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 229.86M | 224.33M | 20.35M | 16.87M | 5.83M | 23.63M | 9.86M | 2.54M |
| Total Liabilities | 290.94M | 292.41M | 160.16M | 130.91M | 112.22M | 126.14M | 152.73M | 181.66M |
| Total Debt | 16.76M | 15.52M | 116.49M | 87.16M | 79.88M | 71.46M | 101.66M | 120.1M |
| Net Debt | -22.62M | -26.93M | 103.43M | 54.35M | 45.7M | -94.13M | 96.56M | 88.39M |
| Debt / Equity | 0.21x | 0.16x | 1.24x | 0.94x | 0.66x | 0.40x | - | - |
| Debt / EBITDA | -0.81x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.10x | - | - | - | - | - | - | - |
| Interest Coverage | -4.14x | -3.69x | -3.66x | -4.72x | -12.80x | -4.52x | -8.18x | -2.90x |
| Total Equity | 80.81M | 94.88M | 93.99M | 93.16M | 121.87M | 179.62M | -32.81M | -18.3M |
| Equity Growth % | -12.43% | 0.94% | 0.89% | -23.56% | -32.15% | 647.4% | -79.36% | - |
| Book Value per Share | 2.24 | 2.83 | 4.38 | 5.50 | 8.27 | 19.83 | -7.13 | -4.79 |
| Total Shareholders' Equity | 80.81M | 94.88M | 93.99M | 93.16M | 121.87M | 179.62M | -32.81M | -18.3M |
| Common Stock | 4K | 4K | 3K | 2K | 12K | 11K | 3K | 2K |
| Retained Earnings | -756.11M | -726.45M | -656.19M | -598.97M | -545.11M | -470.91M | -223.98M | -203.8M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12.5M |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital exhaustion
According to recent quarterly filings, BlackSky's total assets have fluctuated significantly, peaking at $387.3 million in 2025Q4 before contracting to $371.7 million in 2026Q1, reflecting a business model that remains highly sensitive to the timing of capital-intensive satellite deployments and ongoing operational cash burn.
The contraction in total assets alongside a persistent, massive accumulated deficit of $756.1 million suggests that the company is struggling to build a sustainable equity base. Investors should monitor whether the recent asset decline signals a pivot toward more conservative capital allocation or merely reflects the depletion of resources required to maintain the current constellation.
As reported in financial statements, BlackSky's debt profile has been highly erratic, with total debt spiking to $202.7 million in 2025Q3 before being reduced to $16.8 million by 2026Q1, indicating a reliance on short-term financing maneuvers to bridge gaps in operational funding.
The dramatic reduction in debt levels appears to have been achieved through significant balance sheet restructuring, yet the underlying need for external capital remains acute. This volatility suggests that the company's leverage is driven by necessity rather than strategic growth, leaving it exposed to future credit market tightening.
Based on reported figures, BlackSky's cash and equivalents stood at $39.4 million in 2026Q1, a precarious position given the company's historical quarterly cash burn and the capital-intensive nature of maintaining its proprietary satellite constellation for defense and intelligence customers.
While the current ratio of 3.46 suggests adequate short-term coverage, this metric may be misleading if the current assets are heavily weighted toward receivables that are subject to government payment cycles. The limited cash runway warrants further investigation into the company's ability to fund upcoming R&D and satellite refresh cycles without further dilutive equity issuance.
Data from recent filings reveals an accumulated deficit of $756.1 million as of 2026Q1, which serves as a stark reminder that the company's historical capital allocation has yet to translate into a self-sustaining, profitable business model despite the high-margin nature of its imagery services.
This massive deficit suggests that the company has been consistently trading equity value for the infrastructure required to compete in the geospatial intelligence market. Investors should be wary that headline asset values may not fully account for the potential impairment risk if the Gen-3 satellite transition fails to generate the expected revenue uplift.
Quick answers to the most common questions about buying BKSY stock.
As of 2025, BlackSky Technology Inc. (BKSY) had total assets of $387.3M including $207.8M in current assets.
BlackSky Technology Inc. (BKSY) carries total debt of $15.5M, offset by $124.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BlackSky Technology Inc. (BKSY) has total shareholders' equity (book value) of $94.9M ($2.83 book value per share). Book value represents the net worth of the company belonging to common stock holders.
BlackSky Technology Inc. (BKSY) reported a current ratio of 3.44x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.